HB2352 Summary

• Changes tax credit eligibility window for historic rehabilitation from "after December 31, 2000" to "after December 31, 2017" with end date of January 1, 2021.

• Maintains credit amount at 100% of the federal rehabilitation credit under Section 47 of the Internal Revenue Code.

• Imposes annual cap of $7,000,000 on total allowed tax credits claimed for credits earned on or after January 1, 2018, beginning in fiscal year 2019.

• Authorizes Oklahoma Tax Commission to adopt administrative rules to implement the $7 million annual cap provision.

• Becomes effective January 1, 2018.